2015 Guide to FAFSA, CSS Profile, College Financial Aid, & EFC

Use the article from Forbes to answer these questions in complete sentences. Please
change your responses to another color or bold.
http://www.forbes.com/sites/troyonink/2014/11/28/2015-guide-to-fafsa-css-profile-collegefinancial-aid-and-expected-family-contribution-efc/

Applying for College Financial Aid

1. What are the 2 possible forms to complete to apply for need-based financial aid?
The FAFSA and/or the CSS Profile are 2 possible forms to complete in order to apply
for need-based financial aid.
2. What form do most colleges and universities nationwide use to determine need-based
financial aid?
Most colleges and universities nationwide use the FAFSA to determine need-based
financial aid.
3. What is the CSS Profile used for?
The CSS Profile is used to assess the students eligibility for the colleges own
institutional aid dollars.
4. What colleges require the CSS Profile?
There are a group of 23 colleges that make up the 568 Presidents Group require
the CSS Profile. Profile colleges, including the Ivies, also require the CSS Profile.
Calculating Your Expected Family Contribution
5. What is the process for applying for and obtaining financial aid?

The process for applying for and obtaining financial aid not only includes
the student to submit the aid form(s), but there are also the expected
family contributions. The student submits the forms online to the
processing centers for each respective form, and the information from the
forms goes into the aid calculations. The output determines the expected
family contribution toward the cost of college.
Parents fill out FAFSA and submit online. They determine how much the
parents can help with.
6. What is the EFC?

The EFC is the expected family contributions. It is the outpupt of the aid
forms and calculations.

7. How is EFC calculated?

The EFC is calculated by the minimum amount the student is expected to
contribute toward the cost of college.
8. What factors determine a persons EFC?
The income of parents and student, family size and the number of dependent
children enrolled in college in a given year are factors that determine a persons
EFC.
9. Why might a person get 3 different EFC amounts?
Some people might get 3 different EFC amounts because there are three formulas
that calculate EFC differently.
Using EFC to Determine the Need for Financial Aid
10.How is EFC used to determine if a student qualifies for need-based financial aid?
EFC is used to determine if a student qualifies for need-based financial aid by
subtracting the EFC from the cost of attendance. If the students EFC is less than a
colleges cost of attendance, then the student is qualified for need-based financial
aid.
Cost of Attendance
11.What elements add up to the cost of attendance?
The elements that add up the cost of attendance are the total cost of enrolling
at a college, including tuition, fees, room & board, books, travel and personal
expenses.
12.What is the national average cost of attendance for:
a. 2-Year Public College? $20,000
b. 4-Year Public College? $28,000
c. 4-Year Private College? $55,000
d. 4-Year Elite College? $65,000
Putting EFC into Perspective
13.When would a student qualify for need-based financial aid?
A student would qualify for need-based financial aid if they meet the requirements
for the 2015-16 Federal EFC Quick Reference Tables.
14.What are students eligible for when they qualify for need-based financial aid?
Students are eligible for need-based grants (free, no need to pay back),
scholarships, work-study and student loans when they qualify for need-based

financial aid.
15.Why is it incorrect to assume a student will get financial aid if s/he is eligible?
It is incorrect to assume a student will get financial aid if s/he is eligible due to the
uncertainty of need-based financial aid. One will have to wait to see what form of
aid the child gets and how much it is worth.
16.When would a student be denied need-based financial aid?
A student would be denied need-based financial aid if the parents income is large
and there is less family size and less dependent children. If EFC is too high.
Eligible for Aid at One College, But Not at Another
17.What is eligibility for need-based financial aid dependent on?
The eligibility for need-based financial aid is dependent on the student and
parents income, family size, and dependent children.
18.Why might a student be eligible for aid at one college but not at another?
A student might be eligible for aid at one college but not at another because they
might be different year colleges (2-year, 4-year, private, public, etc.) or the
colleges simply have higher attendance costs than others. The EFC tables are only
average amounts, and not the actual amounts.
Predicting the Financial Aid Award
19.When will students know their financial aid package amounts?
Students can know their financial aid package amounts after submitting forms. The
college will respond with how much their financial aid package amounts to. (Get a
letter from actual schools).
20.What types of resources are included in a financial aid package?
Need-based grants, scholarships, work-study and student loans are types of
resources are included in financial aid package.
What to Do if Your Family Has Special Financial Circumstances
21.What form does not include a place to explain special situations?
FAFSA does not include a place to explain special situations.
22.What form does have a place to explain special situations?
CSS does include a place to explain special situations.
23.What can parents do if using the FAFSA to explain their financial circumstances?
Parents can explain any special financial circumstances if using the FAFSA by
sending a letter to the school.

How College Selection Impacts Financial Aid

24.What factors make a student more likely to get an aid package that meets a higher
percentage of their need?
Factors that make a student more likely to get an aid package that meets a higher
percentage of their need are students who are better candidates for admission.
Betters grades & admission impact who is a better candidate.
25.Why is aid more complex at elite private colleges?
Aid is more complex at elite private colleges since the cost of attendance is large.
Merit Aid
26.What is merit aid based on? Merit aid is based on if the student does well in music,
athletics, etc.
27.Why is merit aid so great? Merit aid is so great because grants and scholarships do
not need to be paid back.
28.What is important to know about merit aid at elite colleges? It is important to know if an
elite college even supplies merit aid since most do not.
Student Gets Merit Aid But No Need-Based Aid
29.What will happen if a student qualifies for merit aid but not need-based aid?
If a student qualifies for merit aid but not need-based aid then the out-of-pocket
cost will be the sticker price minus the merit aid award.
Why Merit Aid Reduces Need-Based Aid Eligibility
30.True or False: If you qualify for need based aid and merit aid, you subtract both of them from
the college cost to determine how much you will pay. False.
31.True or False: If you qualify for need based aid and earn a scholarship, you will have a lower
cost to pay than if you did not have the scholarship. False
The Out-of-Pocket Cost of College
32.What information will be given at the end of the college admissions and aid application
process?
The information given at the end of the college admissions and aid application
process are a list of colleges to which the student has been accepted for admission
and an official financial aid award letter.
33.What elements are included in the financial aid award letter?
The elements included in the financial aid award letter are explanations if the student
is eligible for all of the aid that he/she is eligible for and/or has been awarded,

including outside scholarships, state grants, student loans, work-study, etc.

34.What factors contribute to the total cost of attendance? The factors that contribute to the
total cost of attendance are room & board, books, travel expenses, etc.
35.What is the formula for out-of-pocket cost? The formula for out-of-pocket cost is how
much one will pay for college = cost of attendance - financial aid package.
36.Why might the out-of-pocket cost be greater than what is calculated using that formula? The
out-of-pocket cost may be greater than what is calculated using the formula due to
any interest over time if the financial aid is a loan.

Extra Credit: At home, speak with your parents and review the chart in the article 2015 EFC
Quick Reference Table for College Aid and answer these questions.
A. Is it likely you will qualify for need-based financial aid?
Yes it is likely I will qualify for need-based financial aid.
B. What is the plan to pay for college?
The plan is to apply for as many need-based financial aid programs as I can to try
and make the cost less hefty. Getting a job and having some money from my
parents should be sufficient for college.
C. Are there any colleges your parents will not let you go to? Or, are there any limits they
have for where you can go to college? (Distance, cost, 2-year or 4-year, etc.)
The cost of a college is definitely limited to how much we can afford. Distance can
only be so far due to my preference to stay near to help out with any family
troubles.